v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 171,174 $ 138,088
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 3,046 29,971
Depreciation of premises and equipment, net 7,342 6,069
Accretion of fees and discounts, net (12,486) (12,645)
Amortization of intangible assets 7,329 7,793
Amortization of right-of-use lease assets 4,550 4,842
Decrease in operating lease liability (5,795) (5,515)
Income from mortgage banking activities, net (3,684) (4,141)
Loss on sale of other real estate owned and valuation adjustments, net 11 809
Stock-based compensation expense 7,108 6,327
Unrealized loss on equity investments, net 4,134 0
Realized gain on sale of equity investments, net (159) (18)
Gain on sale of WSFS Wealth Management, LLC business 0 (386)
Gain on sale of credit card portfolio (1,746) 0
Deferred income tax benefit 7,392 7,560
Decrease in accrued interest receivable 2,209 4,902
(Increase) decrease in other assets (14,685) 63,737
Origination of loans held for sale (228,161) (234,182)
Proceeds from sales of loans held for sale 127,070 183,281
(Increase) decrease in value of bank owned life insurance (1,417) 280
Increase in capitalized interest, net (275) (1,046)
Decrease in accrued interest payable (3,417) (9,039)
Increase (decrease) in other liabilities 4,119 (140,757)
Net cash provided by operating activities 73,659 45,930
Investing activities:    
Repayments, maturities and calls of investment securities held-to-maturity 31,788 28,426
Purchases of investment securities available-for-sale (533,492) (54,948)
Repayments, maturities and calls of investment securities available-for-sale 211,850 191,276
Proceeds from bank-owned life insurance death benefit 0 241
Net (increase) decrease in loans (120,732) 116,802
Proceeds from sale of credit card portfolio 34,349 0
Net cash from sale of WSFS Wealth Management, LLC business 0 2,425
Purchases of stock of Federal Home Loan Bank of Pittsburgh (370,000) (238,017)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 355,833 227,882
Sales of other real estate owned 216 4,085
Investment in premises and equipment (2,620) (4,407)
Net cash (used in) provided by investing activities (392,808) 273,765
Financing activities:    
Net increase in demand and saving deposits 1,503,974 125,563
Decrease in time deposits (138,737) (44,284)
Receipts from FHLB advances 8,550,000 5,950,000
Repayments of FHLB advances (8,550,000) (5,950,000)
Repurchase of noncontrolling interest (203) 0
Cash dividend (19,424) (18,415)
Issuance of common stock including proceeds from exercise of common stock options (2,453) (3,179)
Redemption of subordinated debt 0 (70,000)
Repurchases of common stock (152,526) (132,700)
Net cash provided by (used in) financing activities 1,190,631 (143,015)
Increase in cash, cash equivalents, and restricted cash 871,482 176,680
Cash, cash equivalents, and restricted cash at beginning of period 1,699,154 1,154,818
Cash, cash equivalents, and restricted cash at end of period 2,570,636 1,331,498
Cash paid during the period for:    
Interest 131,826 158,396
Income taxes [1] 33,931 33,297
Non-cash information:    
Loans transferred to other real estate owned 12,717 336
Loans transferred to portfolio from held for sale at fair value $ 129,641 $ (54,865)
[1] Includes $11.4 million related to the purchase of renewable energy tax credits for the six months ended June 30, 2025.